NV Division of Insurance issues alert on new minimum vehicle liability insurance coverage
The Division of Insurance (“Division’) has partnered with the Nevada Department of Motor Vehicles (“DMV”), Nevada Highway Patrol (“NHP”) and the Nevada Insurance Council (NIC) to inform Nevada consumers of a new law that will increase the minimum vehicle liability insurance to be in compliance with the law and avoid paying penalties.
As of July 1, 2018, all consumers who have the current minimum protection levels of $15,000 per person for bodily injury, $30,000 per accident for bodily injury, and $10,000 per accident for property damage, often referred to as 15/30/10 will need to purchase higher limits of $25,000 in bodily injury per person, $50,000 in bodily injury per accident, and $20,000 in property damage (“25/50/20”).
“While this new law isn’t going into effect until July, the Division has already received and approved filings from insurance companies with the new minimum vehicle liability limits,” explained Insurance Commissioner Barbara Richardson. “This means some companies may have already begun to implement this new requirement for their policyholders when they renew their policies or when they write new business.”
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Consumers are also encouraged to check in with their insurance agent or company to determine how this new law will affect their policy personally.